Bloomberg, Chicago Lawyer Pleads Guilty in Tax-Shelter Fraud That Brought Down Firm:
A Chicago attorney pleaded guilty to conspiracy and tax evasion charges for his role in a billion- dollar phony tax-shelter scheme that brought down his law firm in 2007.
Erwin Mayer, 47, a former attorney at the defunct law firm Jenkens & Gilchrist, faces as long as 10 years in prison at his sentencing, scheduled for Feb. 10 before U.S. District Judge William H. Pauley in Manhattan.
“I am filled with shame and remorse for what I did,” Mayer said today in court.
Update: As previously noted, tax shelters put Jenkins & Gilchrist out of business, despite videos like this (Hat Tip: Above the Law):
